Bancorp New Jersey Bounces Director After Loan Default

Bancorp of New Jersey in Fort Lee removed one its own directors after suing him over a defaulted loan.

The $835 million-asset company disclosed in a regulatory filing Friday that Carmelo Luppino Jr. was disqualified from serving on its board after going into default as borrower and guarantor on about $6.5 million in credits owed to its bank.

The bank filed a lawsuit in the Superior Court of New Jersey last week in an effort to collect. That lawsuit triggered the disqualification.

Luppino is a real estate developer, general contractor and managing member of Luppino Homes. He is also the nephew of Rosario Luppino, another Bancorp of New Jersey director.

This article originally appeared in American Banker.
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